SOURCE: Sunshine State Insurance Company

Sunshine State Insurance Company

August 26, 2013 09:00 ET

Sunshine State Insurance Company Increased Policyholders Surplus

JACKSONVILLE, FL--(Marketwired - Aug 26, 2013) - Sunshine State Insurance Company is pleased to announce the receipt of a $2 million cash contribution to surplus from its parent company, Sunshine State Insurance Holdings Corporation. The contribution brings Sunshine State's policyholders' surplus to in excess of $17 million, the highest level in the Company history.

Stephen Korducki, President and Chief Executive Officer, commented that the surplus contribution is part of a continuing effort to strengthen the Company's balance sheet. Korducki reported the Company's policyholders' surplus has increased by 60 percent over the past three years through a combination of earnings and capital contributions, while its modeled probable maximum 1-in-100-year hurricane loss has decreased by over 40 percent during the same time span.

Sunshine State Insurance Company is based in Jacksonville and has served Florida policyholders since 1997.

Contact Information

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    Mechlin Moore
    MDM Communications
    239-777-1595
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